China, Russia, India become big customers for power transformers
Global power transformer markets are expected to grow along with demand, with China and India as key current markets and Russia set to witness a growth in the future.
May 22nd, 2012
London, May 22, 2012 — Global power transformer markets are expected to grow along with demand, with China and India as key current markets and Russia set to witness a growth in the future. This is according to a new report by GlobalData.
Revenue from the global power transformer market reached $12.5 billion in 2011, with growth primarily driven by the Asia-Pacific and Middle Eastern regions. The share of China and India in the global transformers market revenues is expected to increase from 36 percent in 2011 to 45.6 percent by 2020, driven by massive T&D investments in these countries.
The Russian market is expected to grow considerably in the future, as improving economic conditions and increasing electricity consumption are coupled with reforms related to privatization and electricity pricing in the power sector.
Planned grid investments under the Russian government’s Energy Strategy to the 2030 plan will be the major driver for the transformer market during the future, which is expected to grow from $750m in 2011 to $1.3 billion by 2020.
New power transformer installations in North America and Europe are comparatively lower. However, with 70 percent of power transformers in these regions being more than 25 years old, the replacement market will provide most opportunities for power transformer companies. Supported by strong drivers, the global power transformer market is expected to reach $22.8 billion in 2020.